Trendon Shavers

Shavers allegedly defrauded investors in his “company,” Bitcoin Savings and Trust, by making interest payments to older investors with the money he received from new investors. Investors gave Shavers a total of at least 700,000 Bitcoins, which at today’s exchange rates surpasses $60 million, according to an SEC press release. In 2011 and 2012, the value of 700,000 Bitcoins stood at just $4.5 million.
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